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Friday, June 23, 2017

AUD/CAD: Retrace Opportunity After Slowdown in Canada's CPI

After Slowdown in Canada's CPI report, AUD/CAD has reached its overbought state and indicating an opportunity to retrace.

I just opened a Short Position. And looking forward to take profit above 1.00292. 


1.00292 would be the Support Level that will try to hold the pair from moving downward any deeper. 

1.00731 would be Strong Resistance Level that will try to hold the pair to keep moving up. Shall the pair break 1.00292 level then it might try to reach below 1.00164 to continue its retracement.